According to data from banking industry sources, around 90 percent of Paytm UPI app users have linked their accounts with other banks. The data, reviewed by Business standardResearch also shows that while the Paytm UPI app has around 90 million users, around 75 million of them have also installed other UPI apps. That leaves out only 15 million unique users of the Paytm UPI app.
This suggests that the Reserve Bank of India’s (RBI) recent decision to prevent Paytm Payments Bank from accepting new deposits or conducting credit transactions after February 29 may have a limited impact on payments.
First print: February 16, 2024 | 12:30 pm IST